XRP is currently facing significant market pressure, with its price hovering around $2.25 after a recent rebound. Although this figure represents only a slight decline over the week, the overall market structure appears weak. According to data from CoinMarketCap, XRP boasts a market capitalization of approximately $135.76 billion, with trading volumes reaching around $2.96 billion in the last 24 hours. This marks a noticeable drop compared to the previous day, indicating a decline in trading activity.
Analysts from MakroVision have described the current chart structure for XRP as fragile. They point out that buyers have consistently struggled to push the token above key resistance levels, particularly around $2.48. Each attempt to reach this threshold has been met with substantial selling pressure, preventing a sustained upward trend. Despite multiple tests of this ceiling, the market has repeatedly failed to gain control, resulting in lower highs and a transition into a stagnant sideways phase below resistance.
On the other end of the spectrum, XRP has found support near $2.16, with buyers stepping in several times at this level. This price point is closely linked to a 0.382 Fibonacci retracement level, a key indicator for many technical traders. Despite this support, the market reaction has been limited, and trading activity continues to decline.
Critical Support and Resistance Levels
Analysts are emphasizing the importance of the $2.16 support level, describing it as a critical line for the market. Maintaining this price point is essential to avoid a deeper market breakdown. Should sellers manage to push XRP below this threshold, the next potential demand zone is estimated to be between $2.02 and $1.88. This lower band combines previous horizontal support with additional Fibonacci levels, which could attract trading interest if the price drops to this area.
In the current landscape, traders are viewing the range between $2.16 and $2.48 as a zone of indecision. Until there is a decisive breakout, these levels will dictate market sentiment. According to MakroVision, a clear path back to strength for XRP requires buyers to reclaim the $2.48 zone and maintain their position above it. A successful breakout could pave the way for a rise towards $2.65, fundamentally altering the prevailing trend.
At present, the momentum within the market leans towards caution, highlighting the ongoing struggle for XRP as it navigates a challenging trading environment. As traders watch these key levels closely, the future trajectory of XRP remains uncertain, with the market awaiting a clearer direction.
